You have read correctly. It's definitely good enough for the Dog and Duck! To be fair I have only had a chance to have a little play and only through a couple of basses (e.g only just realised from reading the TB thread that I might need to change some global settings OOTB!).
IMA has had time to perfect technique and, I suspect equally importantly, work out which bass and which settings work best. It's certainly not a massive detractor for what is an amazing little pedal!
I had a quick scan through the thread and my review would be more favourable. I play in two bands, one is very much soul/funk covers where I might need the pedal for 2 or 3 songs out of 20, and for that, this is perfect. It's taken me long enough to play bass to a decent standard and I have no interest in learning keys to get those sounds. I would also argue that the presets decently cover the sorts of sounds I'm after. Its definitely a million times better than trying to build the sounds on the Helix - I guess I could have bought IMA's HX stomp patches, but they're not far off the cost of this.
Ultimately it's 'horses for courses' but worth trying if you get a chance.